New Delhi: Prime Minister Narendra Modi on Friday attacked the Congress party on India’s improved ranking in Ease of Doing Business this year, saying that the country was at the 142nd position during the UPA regime. Speaking at the launch of Micro Small Medium Enterprises (MSME) Outreach Programme, PM Modi said that “India has done what people couldn’t imagine, PM Modi on India leaping 23 places to 77th rank on Ease of Doing Business Ranking”. Also Read - PM Modi to Address India Global Week 2020 Today, Major Focus on India-UK Ties, Trade, Investment
“It’s a matter of pride for us that India has taken a high jump of 23 ranks in “Ease of Doing Business” ranking this time. Four years ago, when this government wasn’t in power, we were at the 142nd position. Today we are at 77th rank and I believe that “top 50″ isn’t too far from our reach,” he said. In the Ease of Doing Business ranking, India leaped 23 places to the 77th position as GST, insolvency framework and tax reforms made the country more investor-friendly. Also Read - Ladakh Standoff: Sharad Pawar Again Sides With Modi, Defends PM's Visit to Leh
For MSME, PM Modi said, “12 major decisions taken by the Central government for MSMEs Sector are proof that when after breaking Silos, collective initiatives are taken, collective responsibilities are fulfilled, and collective decisions are taken, it creates a comprehensive impact.” Modi further said that the 12 historic decisions, taken by the Central government, will boost small and medium enterprises.
“I dedicate 59-minute loan approval portal to you and it has started benefiting the MSMEs businessmen already,” he said. PM Modi also made two announcements at the launch programme. These are: (1) The government has decided to increase interest subvention on pre & post shipment credit from 3 per cent to 5 per cent and (2) It is now mandatory that all the companies with a turnover of more than Rs 500 crore will have to join Trade Receivables e- Discounting System (TReDS) platform.
The decision to make it mandatory for the companies with over Rs 500 crore to join TReDS is taken so that “MSMEs doesn’t face trouble in cash flow”. The MSME support and outreach programme will run for 100 days covering 100 districts throughout the country. This programme, officials said, will help boost the MSME sector as this is one of the major generators of employment opportunities.